AI
Friday, February 03, 2006 3:49:19 PM
Updated Hourly Breadth Charts.
From these charts, the short term trend is still down. While I think Monday is going to be down, the daily RSI(5) is below 30, giving a buy. I think it plays out at Monday being down to flat, with a reversal sometime mid week. I will stay cash until Monday and take a RSI(5) buy then.
Update. Ok, I lied! :o) Took a small long based on the RSI(5).
- Price has broken a trendline and the 50 DMA.
- The hourly NDX SI is trending down.
- The hourly NDX Osc is also trending down.
- The blue MACD Bullish Centerline Crossover breadth is well below 50, along with the red MACD Bullish Moving Average Crossover. From the past, if the red line cross above the blue line when below 30, it does not seem to indicate a reversal in the market.
Nice long red candle says the short term trend is down.
From these charts, the short term trend is still down. While I think Monday is going to be down, the daily RSI(5) is below 30, giving a buy. I think it plays out at Monday being down to flat, with a reversal sometime mid week. I will stay cash until Monday and take a RSI(5) buy then.
Update. Ok, I lied! :o) Took a small long based on the RSI(5).
- Price has broken a trendline and the 50 DMA.
- The hourly NDX SI is trending down.
- The hourly NDX Osc is also trending down.
- The blue MACD Bullish Centerline Crossover breadth is well below 50, along with the red MACD Bullish Moving Average Crossover. From the past, if the red line cross above the blue line when below 30, it does not seem to indicate a reversal in the market.
Nice long red candle says the short term trend is down.
Jared
jjames10@nc.rr.com
"Don't Panic!"
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